Atmos Energy vs National Fuel Gas
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KIRA’s take AI analyst
I put Atmos Energy and National Fuel Gas side by side, using each one’s latest annual report. Here is what stands out:
- Atmos Energy is the larger business, with $4.7B of revenue in fiscal 2025 against $2.3B for National Fuel Gas, about 2.1 times as much.
- National Fuel Gas grew revenue faster (17.1%, against 12.9%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 33.2%).
- National Fuel Gas turned more of its sales into free cash flow (8.2% FCF margin, against −32.2%).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 6.0%).
- Investors pay more for each dollar of Atmos Energy’s earnings: a P/E of 20.4x against 11.4x for National Fuel Gas.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Atmos Energy
ATO
2/10
5-year growthNet margin
National Fuel Gas
NFG
8/10
Revenue growthOperating marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | ATO FY25 | NFG FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.0B | $7.8B |
| Revenue | $4.7B | $2.3B |
| Free cash flow | −$1.5B | $187M |
| Net income | $1.2B | $519M |
| Growth | ||
| Revenue growth | 12.9% | 17.1% |
| 5-year growth | 10.8% | 8.1% |
| Share count change | 5.2% | −1.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 33.2% | 35.7% |
| Net margin | 25.5% | 22.8% |
| FCF margin | −32.2% | 8.2% |
| Return on capital | 6.0% | 10.6% |
| Return on equity | 9.3% | 33.7% |
| Balance sheet | ||
| Net debt | $8.8B | $2.8B |
| Net debt / EBITDA | 3.8x | 2.2x |
| Dividends and buybacks | $554M | $243M |
| Valuation & quality | ||
| P/E | 20.4x | 11.4x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.